The post What chances of an Uptober are there left for Bitcoin now? appeared on BitcoinEthereumNews.com.

Bitcoin is not having the Uptober many were hoping for. Historically, October has been a good month for the apex crypto. The term “Uptober” comes from past performances, with Bitcoin averaging 22.9% gains in this month since 2013. Some years, like 2021, saw even bigger gains, like the 40% jump. But this year? It’s been rocky, to say the least. By October 12, Bitcoin was barely holding onto $63,000, and that’s after a mild 8% rise in September. Those expecting a rally have reason to be nervous. A lot of factors are threatening Bitcoin’s chance for a true Uptober comeback, a break from the streak. Futures, spot market activity, and selling pressure High open interest in Bitcoin futures is one of the biggest challenges. Right now, futures contracts are sitting at $35.3 billion. Historically, high levels like this point to market peaks. What happens next? Increased volatility is almost guaranteed. When traders start to take profits, we usually see corrections, and that could drag Bitcoin down. On top of that, spot market activity has been pretty weak. After a solid buying spree following Bitcoin’s price correction in September, that energy has faded. Traders are staying cautious, and buyers aren’t rushing in. It’s a signal that the market could be about to stall. Meanwhile, the spot market is cooling. After the sharp dip and recovery in early September, spot investors were quick to scoop up BTC. But that buying momentum has flattened out. The market isn’t seeing the kind of aggressive purchases that were driving prices before. That’s another warning sign. Fewer buyers mean less support for prices, and when the market becomes balanced between buyers and sellers, prices often stay flat or even start to drop. Adding to this pressure is a change in overall investor sentiment. Many investors are…

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Filed under: News - @ October 12, 2024 8:41 pm